Gamestop destroys Wall St

[phil bottle 9,761]

Interesting battle being played out right now, initially on Wall St but now other markets too. Joe public investors using Reddit versus the hedge funds. I've always seen the whole business as glorified gambling, no surprise to some I'm sure😁, but this is a very unexpected turn of affairs.

I'll post a link to the BBC article and add a YT vid where a guy does a fairly decent job of explaining what's going on from the non hedge fund side.

Gamestop: 'Failing' firm soars in value as amateurs buy stock

WWW.BBC.CO.UK

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Shares in a games company have soared more than 300% - the result of a fight between private and professional...

 

[phil bottle 9,761]

 

[Plumbers Crack 4,062]

Love me a bit of Louis...he can repair almost any Apple product, much to their annoyance, is an advocate for The Right To Repair and abhors New York real estate prices! 🤣

[The3rdWalker 1,271]

Love it. Fuck these clowns, go WSB. GME TO THE MOON! 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀

[J4MES OX4D 10,035]

 

[Dan94 913]

Did anyone manage to get on? My mate at work had 2 friends who put together £7k and now have around £94k between them 😄 

[GazzaGarratt 11,051]

1 minute ago, Dan94 said:

Did anyone manage to get on? My mate at work had 2 friends who put together £7k and now have around £94k between them 😄 

 

What, actual real money? You shitting me?! Bloody hell, if I could actually understand it more I might've took an interest but thats crazy.

[Dan94 913]

Just now, GazzaGarratt said:

 

What, actual real money? You shitting me?! Bloody hell, if I could actually understand it more I might've took an interest but thats crazy.

Yeah, actual money haha. Last Friday you could buy for $42, you could have sold yesterday at a high of $492

[GazzaGarratt 11,051]

7 minutes ago, Dan94 said:

Yeah, actual money haha. Last Friday you could buy for $42, you could have sold yesterday at a high of $492

 

Thats insane. Have they cashed out then? I'm not a huge stocks and share gambling type of guy. I used to be savings advisor based on cash accounts and whilst I know you can always make more money in S&S, its always too much risk when i've seen so many lose money. If you have a random 7k spare that you're willing to lose then i'd say go for it but I don't have the balls to throw away our life savings (which ain't as much as that!) on a hope they'll sell for more. At some point in this next 7 days I expect it all to go tits up.

[Dan94 913]

26 minutes ago, GazzaGarratt said:

 

Thats insane. Have they cashed out then? I'm not a huge stocks and share gambling type of guy. I used to be savings advisor based on cash accounts and whilst I know you can always make more money in S&S, its always too much risk when i've seen so many lose money. If you have a random 7k spare that you're willing to lose then i'd say go for it but I don't have the balls to throw away our life savings (which ain't as much as that!) on a hope they'll sell for more. At some point in this next 7 days I expect it all to go tits up.

Yeah I think they've sold now. I'd be the same, no point risking it, just sell when you've made a hefty amount.

 

There's another guy who put in $60k at the lowest point and now has $200m lol. As soon as people like him start selling, it'll crash the market back down again.

 

[The3rdWalker 1,271]

Fail-to-deliver is also a thing in the USA. They can trade back and forth with essentially IOUs until the retail investers quit, or they cripple the economy.

[phil bottle 9,761]

The success of this, for me, was seeing how much those bankers are still hated, and how a few more folk have had the wool pulled from their eyes.